Help Mr. Wizard.....so what does everyone think of this new program so far? It looks like the pendulum has swung too far in the other direction. First the rules were too lax and now they are too strict.
So, who knows what you do when an appraisal comes in way under the agreed upon contract value on a Conventional loan? Now that the lender cannot talk to the appraiser to let him know he missed some things and he is using a 9 month old comp? what do you do next?
We represent the buyers, who are not able to bring more $$$ to the deal and the seller says this isn't her problem, let the Realtors pay for it, are able to get a second opinion of value or not?
If anyone knows the answer to this, please let us know your thoughts..We greatly appreciate your help on this. This transaction is in Colorado..
Steve & Lorri Hose